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What is Taproot?

Taproot is a Bitcoin upgrade that gave users of the cryptocurrency several new features and advantages. Its objective is to alter how Bitcoin's scripts function to increase the blockchain's security, privacy, and scalability. On November 12th, 2021, the Bitcoin community activated Taproot at block 709,632.

Three Bitcoin Improvement Proposals (BIPs) that outline three different enhancements to the Bitcoin protocol make up the Taproot upgrade:

  • Schnorr Signatures (BIP 340)
  • Taproot (BIP 341) (BIP 341)
  • Tapscript (BIP 342) (BIP 342)

These three updates are together referred to as the Taproot upgrade or BIP Taproot. New, more effective, adaptable, and private methods of sending bitcoin were introduced by these BIPs.

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